German special steel service center IMS Schmolz+Bickenbach Distribution is to undergo further restructuring and cut up to 105 jobs, according to local sources.
“It is well-known that the there is something in upheaval and that the company is in a restructuring phase. There are a lot of things on the plate right now,” the company told Platts on Monday, without giving further information.
According to local media, the service center will drop the Schmolz + Bickenbach branding and will be divided into five individual entities in the beginning of next year, which will entail a reduction of the workforce by 105. The service center was bought by French special steel distribution group Jacquet Metal Service (JMS) last year.
In its latest financial results report, JMS said: “For 2016, the division is focusing mainly on integrating and turning around the business of Schmolz+Bickenbach Distribution.”
Sales of engineering steels fell by 4%, as JMC cited “difficult” market conditions in Germany and a decision to no longer offer certain products designated as non-strategic.
Laura Varriale, Platts